Hongkong Telecom's net profit fell 32.4 per cent in the year to March - the first decline in its 74-year history. The figure was distorted by a one-time government payout of $6.7 billion for ending the company's monopoly on international direct dial services. Excluding this gain, the drop was 7.7 per cent. The firm reported attributable profit of $11.5 billion, compared with $17.02 billion the year before.